高盛:九倉(0004.HK)中期業績符預期 目前估值吸引續籲“買入”
高盛發表研究報告稱,九龍倉(0004.HK)今年上半核心純利按年下降23%至17.3億港元,符合該行預期。而九倉在過去一個月股價累跌19%,相信是受技術因素所致,故維持“買入”評級,目標價續看20港元。
高盛指,九倉在計算可分派盈利時未計入29億港元的減值損失,並決定派發中期股息每股0.2港元,較去年同期的0.25港元減少20%,派息比率維持在35%。另外,雖然集團承認疫情和宏觀挑戰可能會持續帶來不確定性,但已有跡象顯示業務正在復甦,尤其是中國業務,其中成都和長沙商場租户銷售額在5至6月份錄得強勁的雙位數回升,原因是由於出行限制,令消費者在中國奢侈品的消費增加所推動。而集團亦正追回內地物業銷售進度,相信仍可達全年銷售150億元人民幣的目標。
該行上調九倉2020年至2022年每股盈利預測6%至13%;又指出由於會德豐私有化後,每股會德豐股份持有人可各分得一股九倉及九龍倉置業(1997.HK)股份,變相令其流動性增加,導致上述兩股短期沽壓較大,但認為九倉目前估值吸引,尤其是中國樓市和零售市場復甦帶動基本面改善下。

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